Case Study -1Harish vardhan after finishing his M.B.A decided to start a softwar

Case Study -1Harish vardhan after finishing his M.B.A decided to
start a software educational firm as Vardhan InfoTech with the capital of RS
50 00000 on 1st April 2011. He could able to muster only Rs 500000
from his saving and Rs 500000 he received from his father as loan for a period
of 5 years @ 6% Interest per annum. So for the balance he approached S.B.I for
loan. The banker demanded to mortgage some asset for which he agree to pledge
his house. In return he got a loan of RS 4500000 @12% P.a. for 20 years. With
the amount received from different sources he purchased a three room commercial
flat in Noida in sector 18 for RS 3000000 and purchased 50 computers for RS 35000
each of which he paid RS 1000000 to HCL and balance he signed the agreement to
pay by the end of 31st Dec 2011.Following Capital and Revenue
expenditure incurred by the firm during 1st April2011 to 31st
March2012.RSFurniture300000Air-conditioner100000Salary paid3 Instructor15000 each per month3 staff8000 each per month1 Manager35000 per monthTelephone45000Electricity200000During the year 200 students enrolled
for the course each paid RS 75000. He decided to keep 10% of this amount as
reserve. 5% for advertisement expenditure. 10%p.a depreciation is charged on all assets. From
this case study you are required to prepare Final a/c for the year ending 31st
March 2012.